Artificial Intelligence (AI) In Retail Market

Artificial Intelligence (AI) in Retail Market is valued at USD 3719.7 Million in 2021 and is expected to reach USD 35814.5 Million by 2028 with a CAGR of 38.2% over the forecast period.

Global Artificial Intelligence (AI) in Retail Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028. The increasing need in retail enterprises to provide enhanced customer experience and maintain their inventory accuracy and also to improve productivity are the major factors driving the market growth.

Scope of Global Artificial Intelligence (AI) in Retail Market Report:-

Artificial Intelligence, or simply AI, is the title used to describe a machine’s ability to reproduce human intelligence. Actions like learning, logic, reasoning, perception, creativity, which were once considered unique to humans, is now being replicated by technology and used in every industry. It is the field developing computers and robots capable of parsing data contextually to provide requested information, supply analysis, or trigger events based on findings. Approaches like machine learning and neural networks, companies globally are investing in teaching machines to ‘think’ more like humans. AI technologies allow retailers to assemble, rework and standardize data, automatically enter it into spreadsheets, and transform it into logical visuals such as charts and graphs. In turn, this helps to build efficient business plans, reduces the time on report compilations, forecasts sales figures, set-up customer profiles, and understands customers’ shopping preferences.

Global artificial intelligence (AI) in retail market report is segmented on the basis of component, technology, application and region & country level. Based on components, global artificial intelligence (AI) in retail market is classified as solutions and service. Based on technology, global artificial intelligence (AI) in retail market is classified as machine learning and deep learning, natural language processing, computer vision and others. Based upon application, global artificial intelligence (AI) in retail market is classified into automated merchandising, programming advertising, market forecasting, in store AI and location optimization, data science and other.

The regions covered in this Global Artificial Intelligence (AI) in Retail Market report are, North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. On the basis of country level, the market of Global Artificial Intelligence (AI) in Retail Market Software is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.

Artificial Intelligence (AI) in Retail Market Top Players

• WS
• Baidu
• BloomReach
• Cognitive Scale
• Google
• Inbenta Technologies
• Intel
• Interactions
• Lexalytics
• Microsoft
• NEXT IT.
• NVidia
• Oracle
• RetailNext
• Salesforce.com. SAP
• Sentient Technologies
• Visenze
• Caper

Artificial Intelligence (AI) in Retail Market Segmentation:

By Component:-

• Solution
• Chatbot
• Customer Behavior Tracking
• CRM
• Inventory Management
• Price Optimization
• Recommendation Engine (Supply Chain Management, Visual Search, Others)
• Service
• Professional Service
• Managed Service

By Technology: 

• Machine Learning and Deep Learning
• Natural Language Processing
• Computer Vision
• Others

By Application:

• Automated Merchandising
• Programming Advertising
• Market Forecasting
• In-store AI and Location Optimization
• Data Science
• Other

Market Dynamics –

The increasing need in retail enterprises to provide enhanced customer experience maintain their inventory accuracy and also to improve productivity are the major factors driving the market growth. The growing adoption of AI technology between retailers for multi-channel marketing can be viewed as a trend in the market. Increasing adoption of computer vision-based cameras and robots to track & manage store inventories are also supplementing the market growth. Retailers are leveraging computer vision for several in-store applications to compete with other players. Computer vision is gaining popularity among offline retailers for shelf scanning, facial recognition, footfall traffic & interactions analysis. The large volume of data generated on the basis of in-store consumer behavior, e-mail marketing, and campaign management, when analyzed, helps to identify consumption patterns and develop personalized campaigns, thus facilitating better decision making.

However, It’s hard to conceptualize that a computer could be wrong but it may happen because of wrong Algorithms and mathematically or imitatively they might always be “right” but humans encompass much more than simple formulas and statistics. Humans being are unique and have many varieties of tastes and preferences that cannot be dumbed down to a formula. The immense thing that makes us human is the fact that we are constantly changing and growing, and there are always outliers. These are some tools that act as the barrier for the growth of the global artificial intelligence (AI) in retail market.

Moreover, the growing execution of AI-based chatbots is one of the growth opportunities for the players operating in the market. AI-based chabot technology is widely being integrated by retail companies into their work processes. The growing number of shopping channels, such as websites, physical retail stores, and mobile applications, have compelled retailers to employ AI technologies across these platforms to capture a larger customer base. This increased use of AI to monitor and analyze data is, revolutionizing the retail industry, globally.

Regional Analysis–

The global artificial intelligence (AI) in retail market Software Market is segmented into North America, Europe, Asia-Pacific, Latin America and Africa. North America is expected to dominate the global artificial intelligence (AI) in retail market with the largest market share mainly because of the presence of several developed economies, such as the United States and Canada, focusing on strengthening the existing solutions in the retail space. North America hosts the primary AI solution providers and is an early adopter of AI technology. Many retailers in this region have established AI-based solutions to optimize their supply chain operations and inventory. AI is serving the retailers in managing and maintaining their customers and understanding the buying patterns of the consumers. To attract customers and enhance sales turnover, AI technologies are being adopted by both online and offline retail businesses in this region.

Report Analysis	Details
Historical data	2015 - 2020
Forecast Period	2021 - 2028
Market Size in 2021:	USD 3719.7 Million
Base year considered	2020
Forecast Period CAGR %:	38.2%
Market Size Expected in 2028:	USD 35814.5 Million
Tables, Charts & Figures:	175
Pages	200
AI in Retail Industry Companies	AWS, Baidu, BloomReach, Cognitive Scale, Google, Inbenta Technologies, Intel, Interactions, Lexalytics, Microsoft, NEXT IT., NVidia, Oracle, RetailNext, Salesforce.com. SAP, Sentient Technologies, Visenze, Caper and others.
Segments Covered	By Component, By Technology, By Application
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

Key Benefits for AI in Retail Industry Report–

• Global AI in Retail Industry report covers in-depth historical and forecast analysis.
• Global Artificial Intelligence in Retail Industry research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
• Global Artificial Intelligence in Retail Industry report helps to identify opportunities in the marketplace.
• Global AI in Retail Industry report covers extensive analysis of emerging trends and competitive landscape.

On Special Requirements Artificial Intelligence (AI) in Retail Market Report is also available for the below Regions and Country:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA